TECHNOLOGY

Buyers and sellers connect on a platform that rewards participation.

Blockchain & The EQITII Token 

By its very nature, a unit of data typically generated via the Internet of Things is small, specific, transactional and time-sensitive. IoT devices themselves, in many cases, have limited processing capabilities and/or storage potential. Because the EQITII platform will be open and free of transaction fees, and given the small size and frequency of transactions, EQITII has devised a new approach to manage consensus, frequency and the speed of each transaction — one designed to ensure scalability to meet the needs of the market in a world of exploding data generation.

EQITII’s system will be designed to accommodate the specific needs of high-volume, enormously scalable and intermittent low-cost transactions, while ensuring privacy, security and compensation for the data rights holder.

The EQITII network will be based on the Hyperledger Sawtooth and has been customized to the needs of an open, public and distributed network. To allow compensation for data exchange, we’re introducing a new utility Token.

Elements of the network

The EQITII Marketplace will be a platform that consists primarily of service peers, or nodes, powered by Hyperledger Sawtooth.

The peer nodes will communicate with client nodes, which in turn may integrate into a DApp (Distributed Application) or be collocated with a peer node and/or accessed via a web browser.

Each node will manage the blockchain, smart contracts and data exchange, as well as communication with a KYC provider.

Solutions for Developers

Developers wishing to build vertical applications for the exchange of data on the EQITII platform will access the functions and services of peer nodes through a set of RESTful APIs (Application Programming Interfaces). This offers quick and intuitive integration into client nodes.

A set of DApps will be offered at launch.

These will consist of:

  • A Marketplace UI integrated with a wallet application for both Android and iOS for use by consumers who want to sell data.
  • Fully functional, enterprise ready application examples that will be distributed in the Container Image. These application examples can be accessed by though any web browser.

How it works

Transactions in the EQITTI Marketplace are easy, frictionless and secure. The User Journey is represented in these six steps:

01.ADVERTISE

Seller advertises the sale of data on the EQITII Marketplace

02.MATCH

Interested buyer is matched to an advertised sale through the Marketplace

03.CONTRACT

Price and terms for the transaction are agreed upon and both parties sign a Smart Contract

04.ESCROW

The tokens required to purchase the data and the information needed to decrypt the data is put into escrow; a time limit for exchange is established

05.TRANSACT

Once the transaction is verified, the tokens are released from escrow and deposited into the seller’s wallet and the data is sent directly from the seller to the buyer over a separate, double encrypted peer-to-peer channel

06.RECORD

A record of the transaction between the buyer and the seller is recorded in the distributed ledger

What makes this data exchange uniquely secure?

NO THIRD PARTY

NO THIRD PARTY

NO THIRD PARTY

No parties will have access to the data but the buyer and the seller.

ALL DATA WILL BE FINGERPRINTED

ALL DATA WILL BE FINGERPRINTED

ALL DATA WILL BE FINGERPRINTED

Data will be digitally stamped to ensure traceability in the instance of off-platform leaks, but in a way that does not corrupt it.

NO DATA WILL BE STORED IN THE MARKETPLACE

NO DATA WILL BE STORED IN THE MARKETPLACE

NO DATA WILL BE STORED IN THE MARKETPLACE

Although a record of the transaction will be recorded in the Smart Ledger, no data will be stored in a database or by EQITII in any way. The system will be completely distributed and secure.

Learn how EQITII is transforming the global exchange of data.

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Find out more about the technology, philosophy, and business practices that drive the EQITII Marketplace Foundation.

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